Gold hit a record high after President Donald Trump imposed 25% tariffs on all U.S. steel and aluminum imports, adding to uncertainty across global markets that has boosted demand for precious assets. Bullion hit an all-time peak above $2,921 an ounce — after jumping 1.7% in the previous session. Trump said Monday that the levies, which take effect March 4, will help boost domestic production and bring more jobs to the U.S., and warned that tariffs "may go higher." The precious metal has surged 11% this year, hitting a series of records, as Trump's disruptive moves on trade and geopolitics...
Gold is higher in the early Asian session, aided by prospects of demand for the precious metal as a hedge against inflation. U.S. President Trump on Monday announced global 25% tariffs on imports of steel and aluminum to the U.S. Key commodities including gold have absorbed the latest round of inflation-inducing measures of the Trump administration, says Matt Simpson, market analyst at FOREX.com and City Index. Gold's daily chart shows a strong bullish trend which appears averse to any meaningful pullback greater than a day, Simpson adds. Spot gold is 0.3% higher at $2,916.41/oz. Source :...
Oil prices were steady on Tuesday as traders digested another round of trade tariffs, this time a 25% levy on all U.S. imports of steel and aluminium, which could weigh on global economic and energy demand in the world's biggest oil consumer. Brent crude futures were up 11 cents, or 0.14%, at $75.98 a barrel by 0128 GMT, while U.S. West Texas Intermediate crude rose 5 cents or 0.07% to $72.37. President Donald Trump substantially raised tariffs on steel and aluminium imports to the U.S. on Tuesday to a flat 25% "without exceptions or exemptions" to aid the struggling industries that could...
The Australian Dollar (AUD) weakened against the US Dollar (USD) on Tuesday as downward pressure mounted on the AUD/USD pair. The decline followed US President Donald Trump's decision to expand steel and aluminum tariffs by 25% to include all imports, nullifying trade agreements with key US allies, including Australia. The White House confirmed that all import tax exclusions had been removed and indicated that further action on microchips and vehicles would be considered in the coming weeks.Australia's Westpac Consumer Confidence increased by 0.1% in February, reaching 92.2 from 92.1 in...
Gold price builds on its positive move beyond the $2,900 mark and hits a fresh record high during the Asian session on Tuesday as Trump's trade tariffs continue to boost demand for the safe-haven bullion. Bulls seem unaffected by expectations that the Fed would stick to its hawkish stance and a modest USD strength.Risk aversion keeps fueling Gold demand, with the bright metal conquering the $2,900 threshold on Monday. Demand for safety was boosted by comments from United States (US) President Donald Trump, who pledged to impose more tariffs over the weekend. Speaking to reporters on Air...